Guggenheim reissued their buy rating on shares of Corning Incorporated (NYSE:GLW) in a research report released on Thursday morning. The brokerage currently has a $35.00 target price on the electronics maker’s stock.
“We met with GLW management yesterday at its HQ in Corning, NY (including CEO, CFO, CSO, CTO) and came away positive on its long-term R&D and TAM expansion prospects, as we expected, but also positive on GLW’s near-term ability to maintain momentum even in the face of some choppier end markets. Display glass seems able to withstand LCD panel cyclicality thanks to increasing screen sizes and, even more importantly, ongoing moderation in ASP declines. Optical Comms growth remains strong, driven by US FTTH, with GLW “sold out,” and Gorilla Glass should keep re-accelerating as new iPhones now double their content to front AND back. We think GLW showed the strengths of investing in applied R&D, with sizeable long- term TAM expansion opportunities headlined by Automotive Gorilla Glass and its new pharmaceutical Valor Glass, where we received an impassioned deep-dive from CEO, Wendell Weeks.”,” the firm’s analyst wrote.
A number of other research firms also recently issued reports on GLW. Susquehanna Bancshares Inc reissued a positive rating and issued a $35.00 target price on shares of Corning in a research report on Thursday, August 24th. BidaskClub downgraded Corning from a strong-buy rating to a buy rating in a research report on Monday, July 31st. Drexel Hamilton reissued a sell rating and issued a $17.50 target price on shares of Corning in a research report on Wednesday, July 26th. Jefferies Group LLC reissued a hold rating and issued a $27.50 target price on shares of Corning in a research report on Friday, July 14th. Finally, Vetr upgraded Corning from a buy rating to a strong-buy rating and set a $33.69 price target for the company in a research report on Thursday, July 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $28.98.
Corning (NYSE:GLW) opened at 30.05 on Thursday. The firm has a market capitalization of $27.14 billion, a price-to-earnings ratio of 13.42 and a beta of 1.40. Corning has a one year low of $22.23 and a one year high of $32.17. The firm has a 50-day moving average price of $28.89 and a 200-day moving average price of $28.87.
Corning (NYSE:GLW) last released its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a return on equity of 11.67% and a net margin of 24.16%. The business had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the business posted $0.37 earnings per share. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. Analysts expect that Corning will post $1.70 EPS for the current year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s dividend payout ratio is 27.93%.
In other Corning news, insider Clark S. Kinlin sold 46,763 shares of Corning stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the completion of the sale, the insider now owns 72,039 shares of the company’s stock, valued at $2,055,272.67. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 48,125 shares of Corning stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $28.61, for a total value of $1,376,856.25. Following the sale, the insider now directly owns 136,079 shares of the company’s stock, valued at approximately $3,893,220.19. The disclosure for this sale can be found here. Insiders have sold 127,888 shares of company stock valued at $3,653,485 in the last three months. 0.59% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. GLG Partners LP bought a new stake in Corning during the second quarter worth about $102,000. MPS Loria Financial Planners LLC bought a new stake in Corning during the second quarter worth about $112,000. Jacobus Wealth Management Inc. bought a new stake in Corning during the first quarter worth about $108,000. IHT Wealth Management LLC lifted its stake in Corning by 13.4% during the second quarter. IHT Wealth Management LLC now owns 4,117 shares of the electronics maker’s stock worth $165,000 after purchasing an additional 485 shares during the last quarter. Finally, Central Bank & Trust Co. lifted its stake in Corning by 8.8% during the second quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock worth $128,000 after purchasing an additional 345 shares during the last quarter. 71.30% of the stock is owned by hedge funds and other institutional investors.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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